Chart EUR/JPY Update: Turning back from fresh year high, but studies are rising
Anticipated gains have posted a fresh year high above congestion resistance at 172.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 174.00 | congestion | S1 | 171.00 | break level | |||
| R3 | 173.00 | * | congestion | S2 | 170.00 | congestion | ||
| R2 | 172.27 | fresh 2025 year high | S3 | 169.00 | * | congestion | ||
| R1 | 172.00 | congestion | S4 | 168.00 | ** | break level |
Asterisk denotes strength of level
14:20 BST - Anticipated gains have posted a fresh year high above congestion resistance at 172.00, before settling lower as overbought intraday studies unwind. Prices are currently trading around 171.60, but daily readings continue to rise and broader weekly charts are positive, highlighting room for renewed buying interest towards support at 171.00. Following corrective trade, fresh gains are looked for. A close above 172.00 will extend broad August 2024 gains towards further congestion around 173.00. Meanwhile, a close below 171.00 will turn sentiment neutral. But a further close below 170.00, if seen, would add weight to sentiment and prompt a deeper pullback, initially to congestion around 169.00.